Questions from Financial Accounting

Q: 1. What is the nature and significance of individual current liability

1. What is the nature and significance of individual current liability items in the financial statements? Complete the following table and write a short comment. 2. What is the effect on profit of a 1...

Q: 1. General types of non-current (long-term

1. General types of non-current (long-term) liabilities (from Statement of financial Position. 2. Characteristics of loans: secured or unsecured? Information on Loans is contained in notes 21 and 20 o...

Q: 1. The ‘Statement of comprehensive income’ and the ‘Statement

1. The ‘Statement of comprehensive income’ and the ‘Statement of changes in equity’ are intended to help the reader understand h...

Q: 1. Scrutinise all sections of the Report and Accounts of Craigielaw

1. Scrutinise all sections of the Report and Accounts of Craigielaw plc and note all instances where accounting ratios have been mentioned. 2. What are the most frequently mentioned ratios in the Repo...

Q: 1. What type of business entity is Craigielaw? 2

1. What type of business entity is Craigielaw? 2. What is the company’s business activity? 3. How many shareholders are there in Craigielaw? How many shares are there in Craigielaw? Do all shareholder...

Q: 1. Look at the Property, Plant and Equipment note to

1. Look at the Property, Plant and Equipment note to the statement of financial position (balance sheet). What are the headings to the columns of figures? Explain how each heading passes the test of d...

Q: Report and Accounts of Craigielaw plc 1. The statement of

Report and Accounts of Craigielaw plc 1. The statement of financial position (balance sheet) contains broad headings representing categories of assets and liabilities, but greater detail is found in t...

Q: The following list of transactions relates to a television repair business,

The following list of transactions relates to a television repair business, Peter (Television) Company, during July, which is its first month of business. Required: (a) Analyze the above transactions...

Q: Brian Grant set up a business selling quality electrical goods on 1

Brian Grant set up a business selling quality electrical goods on 1 May 2001. The following represents the business transactions of the first month. 1. Brian paid £250,000 to the busines...

Q: The Machine Grinding Company sold the machine for £40,000

The Machine Grinding Company sold the machine for £40,000 at the start of Year 4 and replaced it with a new machine costing £100,000. The new machine had an estimated useful life of 8 years and an est...